Legal & General sells 90% stake in Gresham for GBP85M

KabirChibber

LONDON (MarketWatch) -- U.K. insurer Legal & General
LGEN, +0.26%
said it will sell its 90 percent stake in its subsidiary Gresham Insurance Company for 85 million pounds to Barclays Bank
BARC, +0.25%
which already owns the remaining 10 percent. Legal & General expects to book an after-tax profit of 26 million pounds to be reported in its 2005 results.

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